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Chapter 13: Q.10 (page 332)

Do neoclassical economists tend to focus more on long term economic growth or on recessions? Explain briefly.

Short Answer

Expert verified

Neoclassical economists tend to focus more on long term economic growth.

Step by step solution

01

Introduction of neo-classical economists.

The economy, according to neoclassical economists, self-adjusts. They will eradicate recession if they focus on long-term economic growth.

02

Explanation of solution.

They are more concerned with policies that promote economic growth than with fiscal or monetary policy. They are primarily concerned with lowering the natural rate of unemployment, which is a result of government activities.

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